SALT LAKE CITY | Development Thread

[delts145]

As far as the Metro goes, I think Salt Lake City's CSA will continue to reach major goals in it's retail offerings. While the Wasatch Front will be 2.5 million before long, it has a ways to go before it is the size of a metro Phoenix or Seattle. However, I think Salt Lake has passed many Western or National CBDs in many aspects, and will continue to catch up and pass others. It's already much classier and far more elegant in many areas, as far as the CBD goes, and will continue to gain important ground through this decade at a very rapid rate. Also remember, Saks has vacated their locations in Portland and San Diego. Salt Lake's massive, burgeoning, very upscale tourist market will continue to grow at a phenomenal rate, and continue to add five star amenities to it's CBD and adj. ski resorts. In just the past few years it has added establishments like The Grand America, which blows anything in most national Downtown markets out of the water. When a Neimans or a Saks comes to Salt Lake, and they will, it will be at the heart of it's CBD, not in some far off, upscale suburb. How many CBDs will be able to say that. Unlike most downtowns, which are shunned by upscale tourism, Salt Lake's downtown is it's hub. In just the past couple of seasons, a major Waldorf Astoria, St. Regis, and Montage have come on line in it's adjacent resorts. Because Salt Lake's world class resorts are so close, they continue to push not only their own, but Salt Lake City's amenities upward at an astounding rate. Anyone who has kept track of Salt Lake's rise in the past ten years since the Olympics can attest to this fact. And now, The City Creek Center sets a new standard for CBDs in the West. Salt Lake's attractive CSA business climate and major resorts, will feed the continual parade of major and very beautiful projects, even in today's market. Retail is an extremely volutile industry right now, even in a relatively booming and contiually expanding market like the Wasatch Front. Salt Lake City is one of the few markets where many national heavyweights are actually expanding to. I think we're just seeing the tip of the ice berg for Salt Lake City, and it's CSA. Short of a complete implosion of the economy, we're going to see some remarkable additions into this Metro over the next ten years, much like the last ten.

For a host of reasons, the bulk of the national economy continues to shrink. However, Salt Lake's CSA market, continues to be on the short list of preferred locations to expand or move the entire business to. I shake my head every day at what States like my California are doing to their economys. Short of an internal revolution, I don't see Calif. making a 180 any time soon. California's and many other States inability to correct their situations will only continue to shift momentum to places like Salt Lake, Denver or Austin.